In addition to the initial producing wells, SandRidge, pursuant to a development agreement with the Trust, is obligated to drill, or cause to be drilled, the equivalent of 888 development wells, determined by reference to SandRidge’s net revenue interest in a well, in an area of mutual interest on or before March 31, 2015. In the event of delays, SandRidge will have until March 31, 2016 to fulfill its drilling obligation.
To date, equivalent development wells drilled and perforated for completion during production periods upon which distributions are based are as follows:
|Equivalent Producing||Additional Drilled||Total Development|
|As of||Development Wells||Development Wells*||Wells|
*Equivalent development wells that are not producing at the ‘As of’ date but have been drilled and perforated for completion.
SandRidge Energy, Inc., the sponsor of SandRidge Permian Trust, announced that it will host a conference call on February 17, 2012 at 9:00 am CST. The telephone number to access the conference call from within the U.S. is 888-873-4896 and from outside the U.S. is 617-213-8850. The participant code for the call is 59650379. The call may also be accessed via the internet at http://www.media-server.com/m/p/2agkmenx. An audio replay of the call will be available from February 17, 2012 until 11:59 pm CST on February 24, 2012. The number to access the conference call replay from within the U.S. is 888-286-8010 and from outside the U.S. is +1-617-801-6888. The participant code for the replay is 89380179.Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by SandRidge Permian Trust, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold 35% of the distribution made to foreign partners.
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